Excess Share Insurance Selected To Provide Deposit Insurance For Military Banking Facilities Overseas
Excess Share Insurance (ESI), a wholly owned subsidiary of American Share Insurance (ASI), announced today that the company will provide private deposit insurance for Military Banking Facilities (MBF) overseas, known as "Community Bank." These MBFs are a part of the Department of Defense (DoD) Overseas Military Banking Program.
MBFs have been serving military personnel for decades and their availability guarantees that service members and their families deployed overseas have ready access to financial products and services, regardless of where they are stationed. With 60 branches and 272 ATMs on bases throughout Europe and the Pacific, MBFs play a crucial role in meeting the banking needs of the military community.
"ESI's experience and proven track record of providing private deposit insurance will empower the Overseas Military Banking Program to succeed in its mission while protecting the deposits of the military service members it serves," said Theresa Mason, president and CEO of ASI and ESI. "This program demonstrates our mission at work to provide financial institutions with the flexibility to deliver on their missions. We are incredibly proud to support the banking needs of these active service members while they serve their country away from home."
Since 1993, hundreds of financial institutions have trusted ESI to protect their deposits and have peace of mind that private insurance is a smart, safe and reliable alternative to federal insurance. ESI currently protects approximately 300 financial institutions of all sizes, with insured deposits totaling more than $6 billion. Throughout its history, not a single depositor has ever lost money in an ESI-insured account.
"Our monitoring and review process allows us to structure our programs to meet the individual needs of our customers while providing a safe, sound deposit insurance solution. The service men and women who rely on Community Bank will have confidence that their deposits are secure," said Mason. "Plus, ESI offers even more protection by insuring up to $250,000 for each account, compared to the industry standard of $250,000 per individual."
ESI is authorized to insure deposit accounts by the Ohio Department of Insurance. ESI will insure deposits of the MBFs, not Navy Federal, which started operating the MBFs as of April 1, 2024. The deposits of Navy Federal Credit Union will continue to be insured by the National Credit Union Administration.